There seem to be endless summits of EU leaders these days, trying in vain to solve the debt crisis in the eurozone.
Rather than replicate excellent analysis elsewhere, I’ll leave you with an article on the subject.
Detlev Schlichter, over at Paper Money Collapse, casts his cynical eye over proceedings, warning of the inevitable use of the ECB to monetize debt:
To assume that governments will not collectively resort to the printing press and that they will instead discipline one another when all of them are long-standing, habitual and incorrigible fiscal offenders, is beyond ridiculous!
His analysis is sobering, but hard to fault.
As they say, read it all.
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Andy,
I just “love” all the talk about banks taking a 50% haircut. Let’s see, they hold worthless paper … sounds like anything other than a 100% haircut is a huge gift on behalf of the taxpayers. Strange days we live in.